Both sides identified various sectors to achieve these commercial targets, agreed upon by Prime Minister Narendra Modi and and Russian President Vladimir Putin during their summit meeting last year.

Bilateral trade in 2014 amounted to $9.51 billion, with Indian exports touching $3.17 billion and imports from Russia stood at $6.34 billion.

Agriculture, pharmaceutical and infrastructure were some of the areas identified by both sides to strengthen their economic engagement.

While economic agenda was one of the focus areas in the consultations today, the other areas deliberated upon were space, energy, culture and science and technology.

Officials said India also reiterated its commitment to work towards having 12 Russian nuclear plants as was agreed between Modi and Putin.

Russia is an important partner for India in peaceful uses of nuclear energy.

Earlier, Swaraj interacted with top Russian Indologists. The Indologists briefed her about their work including translations of the Ramayana and the Mahabharata as well as teachings of Indian languages.

In her remarks, Swaraj said the hallmark of Indian literature and culture has been respect for all points of view.

"From translations of Ramayana and Mahabharata to Rabindra Sangeet and teaching of Indian languages, Russian Indologists briefed the External Affairs Minister on their work," spokesperson in the Ministry of External Affairs Vikas Swarup said.